Corporate Card Policy and Procedures-Vassar employees

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The purpose of this policy is to provide Vassar employees with information about the credit card program and guide employees in the use of their College issued credit cards in a manner that is consistent and fair to each employee while managing costs and ensuring compliance with Federal regulations and College policies.

Many members of the Vassar community travel or make regular small dollar purchases in the normal course of performing their duties. The standard purchasing method for large transactions can be a burden for small regular purchases and travel-related expenses. The College recognizes this burden and has established a credit card program with JP Morgan to provide employees with an efficient, cost effective method for purchasing these goods and services.

As a card holder, the employee will have:

  1. a flexible and convenient way to pay for goods, services and travel-related expenses,
  2. reduced need to request purchase orders and check requests,
  3. reduced need to use personal funds and request reimbursement, and
  4. access to PaymentNet, a web-based tool provided by JP Morgan that can be accessed anywhere and assists in tracking and reviewing credit card charges.

See also, Explanations for commonly used functions in PaymentNet.

How to request a card

All Vassar employees conducting business on behalf of the College are encouraged to request a credit card. To request a card, request an application from purchasing@vassar.edu; send the completed form to purchasing@vassar.edu. Employees who are issued Vassar credit cards have a responsibility to use institutional and grant funds wisely and carefully in furtherance of Vassar’s educational mission.

How the credit card program works

  • Cards are issued in the employee’s name but are paid each month by the College.
  • Cards are issued with a $10,000 monthly and $2,000 individual transaction limit. These limits are designed to provide sufficient funds for most employee needs while giving the College some protection in the event an employee’s card information is stolen. If a card holder requires higher limits to support College activities, credit card limits can be adjusted by Purchasing with appropriate senior officer approval.
  • Card holders need to retain an itemized receipt for each purchase. The receipts are necessary to confirm transactions and support the College in the event of an audit by a government agency. Card holders should be especially mindful of this when purchasing meals, as some restaurants will only return the summary receipt with the total and the tip. In this case, a detailed receipt which lists the meals and drinks purchased must be requested and retained.
  • Each month, card holders need to reconcile their statements with their receipts. This will ensure that appropriate documentation is available for review and that there aren’t incorrect or fraudulent charges on the account. If a purchase receipt is missing, card holders should fill out the Missing Receipt Affidavit and retain it with their records. Card holders can use the Reconciliation Worksheet or the Transaction Allocation Report on PaymentNet to assist with reconciling expenses each month.
  • Additionally, card holders need to assign the appropriate budget number and account to each transaction for proper tracking of expenses and reporting, by category, to the IRS. Card holders can setup a default budget number and account based on their most commonly charged expenses (e.g. travel). Purchasing can provide assistance with this task. At least once each month before the 5th work day of the following month, card holders or their designee should log into PaymentNet and assign the appropriate budget number and account or confirm the default accounting. Promptly reviewing the assigned budget number will avoid the need to correct charges with a journal entry after the expenses have been recorded in the College’s accounting records.
  • Card holders must review their charges and receipts with their manager once the statement and receipts are reconciled. The card holder and manager both must sign and date the reconciliation as documentation of the manager’s review and approval of the purchases.
  • Approved, reconciled statements and receipts should be kept in department files for seven (7) years.
  • Each month Purchasing will conduct random audits of transactions and records to ensure compliance with Federal regulations and College policies. All card holders regardless of rank, title, or position will be audited at least once every other year. Once notified of being selected for an audit, card holders should provide copies of their records within two (2) weeks.